The most basic example of a partnership is a general partnership, in which two or more parties share in the profits and losses of a company. The split between partners can be at any percentage point, with the percent owned determining the exact amount of the profit or liability retained.Know More
Partnerships are the most common types of multi-owner businesses in existence. To enter into a partnership, the parties involved must agree to a partnership split according to what each partner brings to the business. A partner may contribute funds, skills, property or anything else of accepted value in exchange for ownership.
The greatest advantage to a partnership is its simplicity. Earnings are split according to the partnership split, and taxes are paid by the individual parties based on each one's split of those earnings. Partnerships are also easy to set up, requiring only that an agreement be made between the partners.
The greatest disadvantage to a general partnership is one of liability. With a general partnership, the partners have unlimited liability for all debts of the business. This means that personal wealth outside of the business assets is in danger from collections if debts are unpaid. Even should the partnership dissolve or go bankrupt, the debts of the partnership can still be collected from the personal assets of any of the partners.Learn more about Business Resources
A claim letter details damage suffered by a claimant and lays out the expectations of the company to resolve the situation. Claims can be made for damage to people or property.Full Answer >
Perhaps the most basic example of a community is a physical neighborhood in which people live. A community is minimally defined as a collection of people in a geographical area, although other factors such as common values, organized interaction, cultural similarity and strong group feelings denote communal attributes.Full Answer >
The criteria for an employee of the month award is different for each company that offers such a program, but it is typically based on a person's job performance, attitude and initiative. Additional criteria for an employee of the month award includes, respect, team work, dependability and punctuality.Full Answer >
One of the main advantages of the contingency approach is that it lets a company adapt to the needs of a specific project on the fly. It also allows the management to modify the roles of employees who are already working on the project to ensure success.Full Answer >